What is Cardano?

Cardano is a decentralized blockchain that is open-source and said to offer “advanced features”. The team is consists of a global network of researchers and engineers.

This takes advantage of the Ouroboros protocol with a full integrated proof of stake algorithm. This is based off of Haskell code which is meant to fully maximize security. It attempts to help people have secure finances while also following regulations.

A major goal for Cardano is to offer their technology for major financial institutions which need extra security on a global scale.

Fundamentals of Cardano

This uses two different layers which separates which values are moved and the total account values offered by a ledger. It offers a particularly useful strategy to create separation with what is sensitive data, while also offering customization.

CSL

This is known as the Cardano Settlement Layer and it offers a ledger that makes blockchain and secures transactions. This is intended to link together sidechains and it offers full scalability, so it can be used by others. Multiple signatures are offered as well as assets for different users.

CCL

The Cardano Computation Layer is the second aspect which specifies why a transaction was established. This can be varied through its rules and full evaluation since it is separated from the CSL.

Cardano is also focusing on making Plutus, a programming language which offers smart contracts. With this they will offer specific tools and code which is functional for different kinds of dApps.

Sidechains

KMZ protocol allows for sidechains ensuring transactions are fully secure. This ensures that ledgers which require certain kinds of adherences to regulations are still able to provide the necessary data without compromising sensitive details.

Daedalus Open-Source Wallet

This is the only currency available wallet that can house ADA. This is an open-source wallet which in the future will allow for various kinds of cryptocurrencies.

The only way to access this is through a digital download and in the future it will include other platform support. ADA can be sent and received wit this wallet, and it’s available as a free download.

PoS Algorithm

They are separate from other blockchains by offering the Ouroboros Proof-of-Stake algorithm. This ensures that there is a consensus on the ledger, and it allows there to be different slot leaders as long as they hold ADA.

Cardano has held a steady value of $0.39 per coin, and they have said there will be a total maximum of 45 billion coins. As of right now the circulating amount is still 20 billion coins away from hitting its peak.

Associated Fees

A simple equation can be applied when determine what the transfer fee would be. To determine the amount you’d need to pay you plug in the following:

Transfer fee= a+b* size.

The size means the transaction size in bytes, b is a constant f 0.000043946 ADA.=/byte, and a is the constant equaling 0.155381 ADA. Transactions fees will naturally increase with what he corresponding transaction size is.

Fees are pooled together and given the slot leaders at what they say is every epoch which is to be determined.

Background

Charles Hoskinson is a mathematician and founder of different startups including the major player Ethereum. He also has been central on the design and development of Cardano.

Since they offer smart contracts and develop a lot of customization they are often compared to other forms of crypto tech. They are different in the fact they take advantage of the expertise of researches and engineers across the globe. This ensure that there is more assurance of its quality and usability, and it reduces the chance of their being any bugs or security flaws.

The company has been development by 3 major groups including The Cardano Foundation, Emurgo, and IOHK.

Trading

The ICO began in 2015 and was finalized in January 2017. As you can tell from the 3 month scale listed below, it still holds more value than what it had 3 months ago, and it peaked at a time where all crypto saw a sudden increase.

Now that it’s at $0.39 USD it has seen much growth when compared to the price it was stabilized at around 10 cents.

Buying ADA

A few different options exist and our preference will likely lay in the kind of crypto you[re looking to exchange. Exchanges include Binance, Bittrex, Upbit, Abucoins, Gate.io, Mr. Exchange, and Coinnest.

Most accepted forms of crypto include ETH and BTC. You can also trade it for USDT on Bittrex, Upbit, and Gate.io.

There is even talk of opening up ADA on certain ATM’s.

Storing ADA

The only known secure wallet is the Daedalus, which is offered as a free download on the official Cardano website. With this free wallet you can ensure that your funds will be most secure. This is eventually going to be offered as a download for both Android and iOS.

Much like other parts of Cardano, Daedalus is working on updates to make it more accessible to different users. As of now they ensure that it is secure and ready to use.

There is also talks of providing use on the Ledger Nano S hardware, to ensure private keys are in the user’s hands.

Cardano vs Ethereum

Ethereum is considered a major player in the blockchain world, and it’s the second largest crypto in terms of value. This functions through smart contracts and is can ensure secure ledgering. The long it takes to create a block can be as low as 14 seconds, and the fees are small.

Cardano vs Ripple

Ripple is gaining popularity by financial institutions since it offers global trading is lower than average fees. In 2012 they have their launch and their code was written in C++. With this transactions are much faster, it has a less degree of failure, and it costs less to perform transaction.

Cardano vs Neo

Neo is the Chinese equivalent of Blockchain and it has risen in popularity rising to a $141.35 USD value. They operate as a non-profit and are said to contribute to a smart economy. Identification can come through various means including voice, SMS, or even facial features. They also take advantage smart contracts through the use of JavaScript or C#.

Cardano vs Bitcoin

Bitcoin is still the leader in crypto and it was the first of its kind. This was released in in 2009 and has seen major incase and decrease of value through its history. Bitcoin does take longer for a transaction to occur, and it costs more in fees. This is also universally accepted on exchange sites.

Cardano vs Stellar

Stellar offers the exchange of money on a secure ledger which is also completely open source. It is based off of the Ripple protocol and has been implemented win partnerships by major groups like IBM. This was released in 2014 and was written on many different kinds of programming languages including Java, Go, Python, Ruby, and C++.

Cardano FAQ

Where do I buy Cardano?The most common marketplaces include Bittrex and Binance.

What is a solid Cardano wallet?Daedalus is currently the only known secure wallet.

Where to find a Cardano update?For the latest we recommend looking at the official website.

When is the official Cardano launch?Their token has been available for purchase since October of 2017 and it’s now active.

Is Cardano mining profitable?There still is more information that Cardano needs to present to ensure that mining would be worth it.

What’s a reliable Cardano exchange?You can get it on Mr. Exchange, Abucoins, Gate.io, Bittrex, Binance, Upbit, and Coinnest.

Summary

Cardano is implementing a lot of potentially useful strategies to ensure that their blockchain is secure and easily accessible. They have made it for the long haul and have started as a collective effort from engineers and researchers. A secure wallet is even providing specially to house their ADO, and it is eventually going to be accessible through easier means.

The ease of use and scalability make it an open source project that is flexible. This has also increased in value since it was launched, and has a fully realized roadmap for what’s to come. You can get a hold of ADO on various exchanges and it’s backed by a few different cryptocurrency leaders. Judging from the amount of available support, it is clear they are working hard on making a steady foundation.

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Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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